Prime Minister Narendra Modi has announced that India will host the BRICS Startup event this year to engage with the startup ecosystems of the BRICS (Brazil, Russia, India, China and South Africa) countries.
PM Modi favoured creating an online archive for BRICS documents, the BRICS Railways Research Network, and enhancing cooperation among MSMEs during his speech at the 14th BRICS Summit.
During the opening ceremony of the BRICS Business Forum, Modi thanked the BRICS Business Council and the BRICS Women Business Alliance for their perseverance in the face of the pandemic.
The Prime Minister also invited the BRICS business community to assist in the development of technology solutions for startups and MSMEs, as well as in the resolution of social and economic challenges.
After China and the United States, India currently possesses the world's third largest startup ecosystem. Its startup ecosystem is expected to grow by 12-15 percent year on year (YoY). It had 50K recognised startups in 2018. Nearly 9000 of these were tech startups functioning in various sectors of the economy. The Prime Minister recently stated that the country currently has 2,300 fintech startups, but in 2018, India had only 500 fintech startups.
In addition, he acknowledged the biotech industry, stating that approximately 5000 startups are involved in India's biotech sector. Last year, over 1100 biotech startups were incorporated in the country.
When addressing digitization in India, Prime Minister Narendra Modi stated that the country's digital economy is likely to hit $1 trillion by 2025. Meanwhile, the country expects a 7.5 percent growth rate in 2022, making it one of the world's fastest-growing economies.
In recent years, India's digital revolution has transformed the whole economy by bolstering areas such as digital payment, entertainment, education, and medicine, among others. On the other side, internet penetration has benefited masses in educating and upskilling themselves, easily digitising their small businesses, and making better decision by utilising the relevant data.